Industrial Sensors Market Size to Reach USD 38.82 Billion in 2028 | Revenue Growth is Driven by Rising Need for Remote Monitoring and Predictive Maintenance in Various Industries, says Emergen Research
Vancouver, British Columbia, May 20, 2021 (GLOBE NEWSWIRE) — The global industrial sensors market size is expected to reach USD 38.82 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. This steady market revenue growth can be attributed to rising need for remote monitoring and predictive maintenance in various industries to obtain enhanced productivity. Smart sensors play a significant role in predictive maintenance by helping to identify when machines need servicing before they break down, which eliminates the costly unplanned production outages and also minimizes the downtime associated with scheduled, routine maintenance.
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Reduction in the cost of sensors and increasing investment on research and development activities for advancements in sensors used for industrial applications are key factors boosting demand for industrial sensors. Increasing initiatives of governments regarding technological advancements in existing manufacturing facilities with the integration of Artificial Intelligence is expected to drive development of the manufacturing sector and increase adoption of industrial sensors during the forecast period. Increasing deployment of wireless, smart sensors across different industrial verticals for collection of data in order to transform existing manufacturing facilities to completely integrated and automated facilities is projected to boost market growth.
Some Key Highlights From the Report
- In February 2020, Panasonic Corporation announced the launch of time-of-flight (TOF) image sensor that uses avalanche photodiode pixels. The TOF image sensor can acquire highly accurate 3D information in accordance with the position of objects from near to far places at distances up to 250m. It can be applied in wide-area surveillance and automotive range imaging.
- Pressure sensor segment accounted for largest revenue share in 2020. Increasing investment by industrial sensor manufacturers for the production of high-quality and advanced pressure sensors that can assist in any industrial application where efficiency is necessary is expected to drive growth of the pressure sensors market.
- Manufacturing segment revenue is expected to expand at a rapid CAGR during the forecast period. Increasing deployment of wireless, smart sensors by manufacturing companies for collection of data in order to transform existing manufacturing facilities to completely integrated and automated facility and enhance the quality standards of products is expected to drive demand for industrial sensors.
- Asia Pacific accounted for largest revenue share contribution to the global industrial sensors market in 2020. Countries such as China, India, and Japan are leaders in the manufacturing hub and are integrating Artificial Intelligence in their respective manufacturing facilities, which is contributing to growing demand for industrial sensors in the region.
- Key players in the market include Rockwell Automation, Honeywell International Inc., Texas Instruments, Panasonic Corporation, STMicroelectronics, Siemens AG, Amphenol Corporation, Bosch Sensortec, TE Connectivity, and Omega Engineering.
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Emergen Research has segmented the global industrial sensors market on the basis of sensor, end-use, and region:
- Sensor Outlook (Revenue, USD Billion; 2018–2028)
- Temperature Sensor
- Pressure Sensor
- Level Sensor
- Force Sensor
- Flow Sensor
- Humidity and Moisture Sensor
- Gas Sensor
- Position Sensor
- Image Sensor
- End-use Outlook (Revenue, USD Billion; 2018–2028)
- Oil & Gas
- Energy & Power
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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